Although on August 1 we reported that a special session to address the pending “fiscal cliff” and tax reform in Louisiana was unlikely in 2024, and the deadline to get any constitutional changes on the November election ballot has passed, it appears there is growing momentum to convene a special session later this year to address that cliff and to pursue significant tax reform. Any constitutional changes from this session would then be on the ballot ahead of the regular legislative session in 2025. We have heard that a wide variety of changes to the tax code are being discussed, and could see changes to exclusions, exemptions, deductions, and credits in many different areas potentially including longstanding programs and those provided for in the Louisiana Constitution, in order to balance the state’s budget. If you have any business interests in Louisiana, you will want to follow closely as the legislature and Executive Branch seek to close the impending revenue gap. A view into what may be considered can be found in HB 641 from the 2023 Regular Session.
We will pass along updates as we learn them.
